Applied Digital's (APLD) "Buy" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD - Free Report) in a report published on Wednesday morning, Marketbeat.com reports. Needham & Company LLC currently has a $11.00 price target on the stock.

Several other brokerages have also recently weighed in on APLD. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Cantor Fitzgerald started coverage on Applied Digital in a research report on Friday, December 20th. They issued an "overweight" rating and a $15.00 price target for the company. Lake Street Capital increased their price target on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Finally, Roth Mkm reiterated a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $11.29.

Applied Digital Stock Performance

Shares of APLD traded up $0.61 during trading hours on Wednesday, reaching $8.98. 32,618,065 shares of the company's stock traded hands, compared to its average volume of 24,583,982. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -7.68 and a beta of 4.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25. The business's fifty day simple moving average is $8.77 and its two-hundred day simple moving average is $6.95.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company's quarterly revenue was up 51.3% on a year-over-year basis. Analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Wes Cummins sold 200,000 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now directly owns 384,317 shares of the company's stock, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 269,369 shares of company stock valued at $2,445,461. Corporate insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $88,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital during the 4th quarter worth about $83,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $94,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.